IC chief Regalado named Asian Re chairperson – BusinessWorld Online
INSURANCE COMMISSIONER Reynaldo A. Regalado has been named chairperson of the Asian Reinsurance Corp.’s (Asian Re) management board for a two-year term.
Mr. Regalado was elected as chairperson by the Council of Members, while W.M. Vishaka Wanasighe, chairman of the National Insurance Trust Fund Sri Lanka, was elected vice chairperson, the Insurance Commission (IC) said in a statement. The new Management Board is made up of executives from five member countries.
“I am grateful for the trust and confidence reposed upon me by the Council of Members. I look forward to working collaboratively with the Council to advance the objectives of Asian Re,” Mr. Regalado said.
The regional reinsurer is an intergovernmental organization of 10 governments comprising the Council of Members, namely, the Philippines, Afghanistan, Bangladesh, Bhutan, China, India, Iran, South Korea, Sri Lanka, and Thailand.
The Insurance Commissioner is the Philippines’ designated representative to Asian Re’s Council of Members. The National Reinsurance Corporation of the Philippines is authorized to subscribe to the portion of Asian Re’s capital stock that is allotted to the Philippines.
Asian Re’s net income jumped by 117.9% year on year to $7.01 million in 2024, while its combined ratio improved to 84.9% last year from 15.43% in 2023. Its solvency ratio stood at 336%. — AMCS